interesting chart, page-5

todal, just to clarify, the system works like this
1. you get an indicative offer from bank or bank representing a syndicate or a bank having the right to sell down the exposure to other banks thus making up a syndicate.
2 terms and conditions are agreed as is the margin and the lawyers document the funding package.
3. something happens that requires a bank or the representative bank of the syndicate to give a waiver
4. they (Banks) go back to their lawyers who review documents and ensure that they have all security tied up
5. banks come back with their terms and conditions for giving the waiver.
6. as part of giving the waiver the banks may require certain things such as a waiver fee, higher margin, accelerated amortisation also known as asset sales to reduce debt, and finally ON THE LAWYERS RECOMMENDATION A SHAREHOLDER APPROVAL FOR THE COMPANY GIVING FINANCIAL SUPPORT FOR ONE OF ITS SUBSIDIARIES OR RELATED ENTITIES.
So, don't blame mgt on this, as this would have been dropped on them by the banks. I am sure they would have resisted as their legal advise would have been that it is not necessary. However, mgt is between a rock and a hard place. Do they piss their shareholders off and make themselves look stupid again ? OR do they play russian roulette with the banks and risk not getting a waiver and putting the Company into receivership and all shareholders lose the little equity left?????????
So, I know we are all bleeding with our losses, but let's be a little tolerant and give mgt a chance to create some value from a very low base.
Rgds